内容概况：我国智能制造升级与新兴产业需求的释放，如新能源、半导体、数据中心等领域对高精度温 控设备的需求激增，2024年，中国工业温控设备行业市场规模约为800亿元，同比增长12.83%。随着制 造业自动化水平的提升和节能环保要求的趋严，工业温控设备行业在系统集成度、能效比、智能化控制 等方面持续优化。部分企业在变频节能技术、远程监控平台等方面取得了显著进展，提升了产品的竞争 力和市场适应性。例如，液冷技术因其高效率和低能耗的特点，正在逐渐成为数据中心等高能耗领域的 首选解决方案。 相关上市企业：英维克（002837）、申菱环境（301018）、奥特佳（002239）、同飞股份（300990）、 高澜股份（300499） 相关企业：紫金矿业集团股份有限公司、中国铝业股份有限公司、金发科技股份有限公司、山东道恩高 分子材料股份有限公司、巨化股份有限公司、联创电子股份有限公司、金风科技股份有限公司、明阳智 慧能源集团股份公司、兰州兰石重型装备股份有限公司、宁德时代新能源科技股份有限公司、比亚迪股 份有限公司、阿里巴巴集团控股有限公司、中芯国际集成电路制造有限公司、华为技术有限公司 关键词：工业温控设备、工业温控设 ...

证券研究报告 | 公司点评 | 通用设备 同飞股份(300990) 报告日期：2025 年 09 月 04 日 ❑ 工业装备：行业应用面不断扩展，传统装备温控业务收入稳步增长 液冷温控龙头，数据中心温控蓄势待发 ——同飞股份 2025 年半年报点评报告 投资要点 ❑ 国内工业温控设备龙头，2025 上半年业绩大幅增长 2025 年上半年，公司实现营业收入 12.64 亿元，同比增长 58.04%；归母净利润 1.25 亿元，同比增长 466.71%。报告期内，公司销售费用、管理费用、研发费用 合计同比增长 1857.52 万元，主要原因为：1）加大新产品、新工艺开发和产品 迭代，研发费用同比增加；2）公司不断引入人才、加大市场拓展力度，市场拓 展费用、销售及管理人员职工薪酬等费用同比增加；3）随着上年度新购置的设 施设备陆续投入使用，管理费用中折旧摊销费用同比增加。2025 年第二季度， 公司实现营业收入 6.90 亿元，同比增长 31.40%，环比增长 20.27%；归母净利润 0.63 亿元，同比增长 272.70%，环比增长 1.75%。 ❑ 电力电子装置：液冷温控技术底蕴深厚，储能业务突飞猛进 202 ...

证券研究报告 非金融公司|公司点评|同飞股份（300990） 储能营收高增，数据中心液冷积极拓展 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月03日 证券研究报告 |报告要点 公司发布 2025 年半年报，2025H1 实现营收 12.64 亿元，同比+58.04%；实现归母净利润 1.25 亿元，同比+466.71%。2025Q2 单季度，公司实现营收 6.90 亿元，同比+31.40%，环比+20.27%； 实现归母净利润 0.63 亿元，同比+272.70%，环比+1.75%。受益于储能及数据中心行业的高景 气度，公司利润有望进一步高增，维持"买入"评级。 |分析师及联系人 张磊 梁丰铄 SAC：S0590524110005 SAC：S0590523040002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2025年09月03日 同飞股份(300990) 储能营收高增，数据中心液冷积极拓展 | 行 | 业： | 机械设备/通用设备 | | --- | --- | --- | | 投资评级： | | 买入（维持） | | 当前价 ...

Core Insights - A total of 422 stocks received initial coverage from brokerages in August, with notable mentions including Zhehai Deman, Shenglan Co., and Defu Technology, all receiving "Buy" ratings from various securities firms [1] Group 1: Stock Performance - Zhehai Deman had the highest increase in August, receiving initial coverage from Kaiyuan Securities, which provided a "Buy" rating due to expected benefits from the acceleration of humanoid robot mass production and high demand for precision lathes [1] - Among the 422 stocks, 117 stocks saw a monthly increase of over 20%, indicating strong market interest and potential growth [1] Group 2: Stocks Below Target Price - Four stocks have not yet reached the target prices set by brokerages despite significant monthly gains: - Haitai Technology: Current price 42.15, target price 60.90, upside potential 44.48%, with a monthly increase of 26.05% from Northeast Securities [1] - Tongfei Co.: Current price 82.13, target price 106.10, upside potential 29.19%, with a monthly increase of 42.51% from Northeast Securities [1] - Xianghe Industry: Current price 11.25, target price 14.36, upside potential 27.64%, with a monthly increase of 22.02% from Northeast Securities [1] - Tianshan Co.: Current price 6.53, target price 8.22, upside potential 25.88%, with a monthly increase of 23.44% from Western Securities [1]

Group 1: Company Performance and Strategy - 大金重工 has seen a significant increase in overall shipment volume, with a year-on-year growth of over 40%, particularly in export marine products which have doubled [1] - 晶澳科技 expects a 15-18% growth in installation demand by 2025, primarily driven by the Chinese market, with a slight increase anticipated in 2026 [2] - 杭氧股份 anticipates a rapid growth in helium sales over the next three years, with sales in the first half of 2025 exceeding the total for the previous year [3] - 伟星股份 reported a 1.80% year-on-year revenue growth for the first half of 2025, with international business growing by 13.72% [4] - 新宙邦 achieved a revenue of 42.48 billion yuan in the first half of 2025, marking an 18.58% year-on-year increase [5] - 亿联网络 maintains stable gross margins and is optimistic about performance recovery in the second half of the year [6] - 银轮股份 has established a product system focused on data centers, energy storage, and low-altitude aircraft, with positive progress in customer collaborations [7] - 同飞股份 reported a 77.48% year-on-year increase in revenue from power electronics temperature control products [8] - 南方泵业's liquid cooling business generated approximately 66 million yuan in sales, with a focus on new product development [9] - 珠海冠宇 achieved a revenue of 60.98 billion yuan in the first half of 2025, reflecting a 14.03% year-on-year growth [11] - 华丰科技's sales in the new energy vehicle sector have increased, with plans to expand market scale [12] - 中际旭创 is confident in maintaining gross margin growth through cost management and technology advancements [13] Group 2: Market Trends and Opportunities - 大金重工 is expanding its integrated services and has confidence in securing European orders due to its strategic positioning in the offshore engineering sector [1] - 晶澳科技 is adjusting prices based on market conditions and anticipates continued demand growth in the solar energy sector [2] - 杭氧股份 is actively expanding its overseas business, particularly in Southeast Asia, to leverage higher margins compared to domestic sales [3] - 伟星股份 is observing a cautious industry trend but has noted a recent improvement in order intake [4] - 新宙邦 is capitalizing on market opportunities arising from the shutdown of international competitors in the fluorinated liquid sector [5] - 亿联网络's overseas capacity expansion is expected to enhance its operational capabilities in the European market [6] - 银轮股份 is focusing on developing products for emerging fields such as energy storage and low-altitude flying vehicles [7] - 同飞股份 is expanding its product offerings in the cooling solutions market, particularly for data centers [8] - 南方泵业 is enhancing its sales network in overseas markets, particularly in the Middle East and Vietnam [9] - 珠海冠宇 is advancing its research in solid-state batteries and sodium-ion technology, indicating a focus on innovative energy solutions [11] - 华丰科技 is promoting high-voltage connector applications to capture growth in the electric vehicle market [12] - 中际旭创 is exploring new applications for optical connections, indicating a focus on technological advancements in data centers [13]

Group 1: Company Insights - Panjing Investment recently conducted research on three listed companies, including Purun Co., Ltd., which reported that storage products accounted for approximately 74% of its revenue in the first half of the year, while "storage+" products made up about 26% [1] - Zhongchuan Special Gas achieved a revenue of 144 million yuan in the first half of the year, representing a year-on-year growth of 49.19%, with a significant portion of its revenue coming from the integrated circuit industry, which accounts for about 70% [2] - Tongfei Co., Ltd. reported a revenue of 819 million yuan from power electronic temperature control products, showing a year-on-year increase of 77.48%, with overseas revenue growing by 111.94% due to increased efforts in expanding international clients [3] Group 2: Industry Trends - The decline in gross margin for Purun Co., Ltd. is attributed to industry cycles, competitive landscape, and company strategies, while the company aims to expand into industrial and automotive sectors [1] - Zhongchuan Special Gas plans to enhance its global supply, sales, and service capabilities, especially after a safety incident affected foreign electronic specialty gas manufacturers [2] - Tongfei Co., Ltd. is focusing on the energy storage temperature control sector, with a revenue increase of 87%, and is developing comprehensive cooling solutions for data centers [3]

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 1.264 billion yuan, a year-on-year increase of 58.04%, and net profit of 125 million yuan, up 466.71% [1] - The company's gross margin improved to 23.65%, reflecting a year-on-year increase of 13.27%, while the net margin rose to 9.88%, a substantial increase of 258.58% [1] - The company has seen a notable rise in accounts receivable, which reached 816 million yuan, a 22.94% increase compared to the previous year [1][2] Financial Performance - Total revenue for the first half of 2025 was 1.264 billion yuan, compared to 799 million yuan in the same period of 2024, marking a 58.04% increase [1] - Net profit for the same period was 125 million yuan, up from 2.20386 million yuan in 2024, representing a 466.71% increase [1] - The company's gross margin was reported at 23.65%, up from 20.88% in 2024, while the net margin increased from 2.76% to 9.88% [1] Business Segments - The company's revenue from power electronics temperature control products reached 819 million yuan, a year-on-year increase of 77.48%, with a gross margin of 20.01% [5] - Revenue from CNC equipment temperature control products was 389 million yuan, up 24.54%, with a gross margin of 28.75% [5] - The company reported a significant increase in overseas revenue, which reached 79.12 million yuan, a growth of 111.94% year-on-year, attributed to enhanced efforts in expanding international customer base [6] Research and Development - The company has increased its R&D investment, with R&D expenses for the first half of 2025 amounting to 53.24 million yuan, a 15.99% increase year-on-year, representing 4.21% of total revenue [9] - The company employs 315 R&D personnel, accounting for 14.02% of the total workforce, indicating a strong focus on innovation and product development [9] Market Position and Strategy - The company's products are utilized in various sectors, including CNC equipment, power electronics, energy storage, semiconductors, data centers, hydrogen energy, new energy vehicles, and medical devices [4] - The company is expanding its market influence and brand recognition, particularly in the energy storage sector, where it has matched relevant cooling products to enhance market penetration [6][7] - The company is also focusing on data center solutions, offering a full range of liquid cooling products that are becoming increasingly important for energy efficiency [8]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 126,351.39 million yuan, a year-on-year increase of 58.04% [3] - The net profit attributable to shareholders was 12,489.49 million yuan, reflecting a significant year-on-year growth of 466.71% [3] - The net profit after deducting non-recurring gains and losses was 12,189.22 million yuan, with a year-on-year increase of 507.59% [3] - The gross profit margin for the first half of 2025 was 23.65%, up by 2.77 percentage points compared to the previous year [3] Expense Overview - Total sales, management, and R&D expenses increased by 1,857.52 million yuan year-on-year, primarily due to increased R&D investment and market expansion efforts [3] - R&D expenses for the first half of 2025 amounted to 5,324.03 million yuan, representing a year-on-year growth of 15.99% and accounting for 4.21% of operating revenue [7] Product Application and Market Segmentation - The company's products are primarily used in fields such as CNC equipment, power electronics, energy storage, semiconductors, data centers, hydrogen energy, new energy vehicles, and medical devices [4] - In the first half of 2025, revenue from power electronics temperature control products reached 819 million yuan, a year-on-year increase of 77.48%, with a gross margin of 20.01% [5] - Revenue from CNC equipment temperature control products was 389 million yuan, showing a year-on-year growth of 24.54% and a gross margin of 28.75% [5] International Expansion - The company's overseas revenue for the first half of 2025 was 79.12 million yuan, marking a year-on-year increase of 111.94%, attributed to enhanced efforts in expanding international customer base [6] R&D and Innovation - As of June 30, 2025, the company employed 315 R&D personnel, accounting for approximately 14.02% of the total workforce [6] - The company is committed to increasing R&D investment to maintain technological leadership and enhance product competitiveness [7]

Core Viewpoint - Tongfei Co., Ltd. has shown significant growth in revenue and net profit, indicating strong business performance and investor interest in the company [2][3]. Financing and Trading Activity - On August 26, Tongfei Co., Ltd. experienced a stock price increase of 0.56% with a trading volume of 405 million yuan. The financing buy-in amount was 61.93 million yuan, while the financing repayment was 67.34 million yuan, resulting in a net financing outflow of 5.40 million yuan. The total financing and securities balance reached 213 million yuan [1]. - The current financing balance of 213 million yuan accounts for 1.74% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - There were no short-selling activities reported on August 26, with a short-selling balance of 0 shares, which is also at a high level compared to the past year [1]. Business Performance - For the first half of 2025, Tongfei Co., Ltd. reported a revenue of 1.264 billion yuan, representing a year-on-year growth of 58.04%. The net profit attributable to shareholders was 125 million yuan, showing a remarkable increase of 466.71% compared to the previous year [2]. - The company has distributed a total of 337 million yuan in dividends since its A-share listing, with 244 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, the number of shareholders for Tongfei Co., Ltd. reached 12,600, an increase of 27.29% from the previous period. The average number of circulating shares per shareholder decreased by 21.09% to 6,153 shares [2]. - Notable institutional holdings include new shareholders such as Qianhai Kaiyuan New Economy Mixed A and Qianhai Kaiyuan Public Utilities Stock, holding 1.6995 million shares and 1.3267 million shares respectively [3].

智通财经APP讯，同飞股份(300990.SZ)发布2025年半年度报告，该公司营业收入为12.64亿元，同比增 长58.04%。归属于上市公司股东的净利润为1.25亿元，同比增长466.71%。归属于上市公司股东的扣除 非经常性损益的净利润为1.22亿元，同比增长507.59%。基本每股收益为0.74元。 ...